THE TRUSTEE SAVINGS BANK REGULATIONS, 1900. DATED

JULY 31, 1900.

1900. No. 629.

Short Title.

Interpretation.

Whereas by the Savings Banks Act, 1887, and by the Savings Banks Act, 1891,† Regulations made by the Treasury may provide as in those Acts respectively stated:

And whereas owing to the passing of the Finance Act 1894, it became necessary to amend the Trustee Savings Banks Regulations, 1893,8 and whereas it is expedient to further amend the Trustee Savings Banks Regulations of 1895 in respect of nominations so as to bring them into harmony with the Friendly Societies Act of 1896.¶

Now We, the Lords Commissioners of Her Majesty's Treasury, under and by virtue of all powers and authorities vested in us in that behalf, do make the following Regulations, that is to say:

Preliminary.

1. These Regulations may be cited as the Trustee Savings Banks Regulations, 1900.

2. In these Regulations, unless the context otherwise requires

The expression "trustees" means the trustees or managers of any Trustee Savings Bank.

The expressions "savings bank" and "trustee savings bank" mean a savings bank to which the Trustee Savings Bank Act, 1863,** extends.

The expression "Savings Bank Annuity means an annuity purchased through the medium of a Trustee Savings Bank.

The expression "Government Stock" means any Government Stock purchased under the provisions of the Savings Banks Act, 1880, and any Acts amending or extending the same and the regulations made in pursuance of such Acts.

The expression "Friendly Society means a Friendly Society legally registered in the manner required by the

* 50 & 51 Vict. c. 40. † 54 & 55 Vict. c. 21. 57 & 58 Vict. c. 30. § Printed in Statutory Rules and Orders, 1893, pp. 499-510. These Regula tions were repealed by those of 1895.

Printed in Statutory Rules and Orders, 1895, p. 673.

59 & 60 Vict. c. 25.

** 26 & 27 Vict. c. 87.

Acts in force relating to Friendly Societies, and includes a Registered Branch.

The expression "Charitable Society means a Penny Savings Bank, charitable or provident institution or society, and shall include a charitable donation or bequest for the maintenance, education, or benefit of the poor.

The expression "Committee" as applied to the estate

of a lunatic means as well the Committee of the estate of a lunatic so found by inquisition as any receiver or other person directed by the Judge in Lunacy to exercise, with respect to the estate or property of a lunatic not so found, powers similar to those of a Committee, and includes any person appointed by the Judge of a County Court to realise the property of a lunatic.

3. These Regulations shall come into operation on the 1st Operation of day of August, 1900, on and from which date the Regulations regulations. which came into operation on the 21st day of November, 1895, are hereby repealed, without prejudice nevertheless to anything already done in nursuance thereof.

4.-(1.) An application for the withdrawal of money Withdrawals deposited by, or in the name of, an infant may be made by from accounts such infant, if of the age of seven years or upwards.

(2.) Upon such application payment may be made to such infant, and his receipt shall be a good discharge to the trustees for the amount paid to him.

(3.) Where it is proved to the satisfaction of the trustees that any sums in the name of an infant under the age of seven years are urgently needed for the maintenance, education, or benefit of such infant, or that from any other circumstances it is expedient to pay such sums or any part thereof, the trustees may pay such deposits, or any part thereof, to any person who may satisfy the trustees that he will apply such money for the benefit of such infant, and the receipt of such person shall be a good discharge to the trustees for sums so paid.

of infants.

5.—(1.) An application for the withdrawal of money depo- Withdrawals sited in the name of a person of unsound mind shall be made fromaccounts by the Committee of the estate of such person.

(2.) Upon such application payment shall be made to such Committee, and his receipt shall be a good discharge to the trustees for the amount paid to him.

(3.) Where a depositor is insane, and no Committee of his estate has been appointed, the trustees may, when it is proved to their satisfaction that it is just and expedient so to do,

* i.e. The Trustees Savings Banks Regulations, 1895.

of lunatics.

Transfer from one account to another.

Transfer

of deceased,

or insane, depositor.

pay the deposits standing in the name of the depositor, or any part thereof, to any person whom they shall judge proper to receive the same, and the receipt of such person shall be a good discharge to the trustees for the sum so paid.

Transfer of Deposit.

6.-(1.) Any depositor may apply to the trustees for the transfer of deposits standing in his name into the name of any other person entitled to deposit in the Savings Bank.

(2.) The trustees shall be furnished with such evidence as they may require of the title of the depositor to the sums to which the application relates.

(3.) (a.) Every such application shall be in writing, or in a form which may be provided by the trustees, and shall state the amount to be transferred, the full name and address of the person into whose name it is desired to transfer the deposits (hereinafter referred to as the transferee), and particulars of the account (if any) to which the deposits are to be transferred.

(b.) A separate record shall be kept of all such applications, each of which shall be approved and signed by a trustee or

manager.

(4.) Upon receiving such application as aforesaid, and upon being satisfied as to the title of the applicant to transfer the deposits to which the application relates, the trustees shall transfer from the account of the applicant to the account of the transferee the sum specified in the application.

(5.) Such application shall be a good discharge to the trustees from the transferor for the sum specified therein. (6.) If the transferee is not already a depositor

(a.) He shall be required to make a like declaration to that made in relation to a first deposit, and a depositor's book shall be handed to him;

(b.) Where the transfer is made in the name of a friendly society or charitable society, any such declaration as last aforesaid shall (so far as the same is necessary in the case of a first deposit) be made by the person who would make the same in the case of a first deposit.

7.—(1.) Any person of the age of 16 years or upwards to from account whom any sum due to a depositor at the time of his decease, or to a depositor who has become insane, might be paid under and in accordance with the provisions of these regulations, may, subject to the provisions of these regulations as to duty, in lieu of withdrawing such sum, apply to the trustees in writing for the transfer of such sum into his own name, or the name of any other person specified in such application.

(2.) The provisions of these regulations relating to the transfer of deposits shall apply to the transfer of sums from the account of a deceased depositor so far as the same are applicable.

(3.) A transfer under these Regulations shall be deemed to be a payment within the meaning of the provisions of these Regulations as to duty.

of transfer.

8.-(1.) For the purpose of calculating the limits of deposits Limit in case in accordance with the provisions of these regulations, no transfer (other than a transfer from the account of a deceased. depositor, or a depositor who has become insane) shall be made which shall make the sum credited to the account of a depositor exceed the following limits, that is to say:

(a.) In the case of a building society, the sum of £300 in the whole;

(b.) In the case of the trustees or treasurer of a charitable society, £100 in year, or £300 (exclusive of interest) in the whole;

(c.) In the case of any other depositor, not entitled to deposit without limit as to amount, the sum of £50 in any Savings Bank year, or £200 in the whole.

(2.) When by reason of the transfer of any sum from the account of a deceased depositor the sum standing to the credit of the trustees or treasurer of a charitable society exceeds £300, exclusive of interest, or the sum standing to the credit of any other depositor exceeds £200 in the whole, notice shall be given to the depositor of the amount of such excess, and no interest shall be allowed on such amount.

(3.) This Regulation shall not apply to friendly societies or to charitable societies when the approval of the National Debt Commissioners has been obtained to making of deposits without restriction as to amount.

8.-(a.) The foregoing Regulations as to transfer of deposits shall apply to Government Stock standing in the name of any depositor or deceased depositor provided that-

(1.) No transfer of Government Stock (other than from the account of a deceased depositor) shall be made which shall make the amount of stock credited to any depositor to exceed £200 in any Savings Bank year, or £500 in the whole;

(2.) When, upon the transfer of any Government Stock from the account of a deceased depositor, the amount of stock standing to the credit of any depositor shall exceed £500, the amount transferred, or so much thereof as is in excess of £500 stock, shall be forthwith sold, and

Addition of

names to an account.

A depositor

may nominate.

Require

ments of a nomination.

the proceeds paid to the depositor; unless such depositor requests that such amount be transferred to his own name in the Books of the Bank of England.

9. Upon the application of any depositor the trustees may, if they deem it just or expedient so to do, add one or more names to an account already in a Savings Bank.

The addition of such names shall not be deemed to be the opening of a new account in the bank.

Every person whose name is so added to an account under this Regulation shall make the declaration required upon the making of a first deposit.

Nominations.

10. Subject to the provisions of these Regulations, a depositor of the age of 16 years or upwards may nominate any person to receive any sum due to such depositor at his decease.

11. (1.) Every such nomination shall be in writing, or in a form which may be provided by the trustees, and shall be signed by the depositor in the presence of a witness, and shall be sent by post or otherwise to the trustees during the lifetime of the depositor.

(2.) The receipt of every such nomination shall be acknowledged by the Savings Bank.

Registration. 12. Every such nomination shall be registered by the trustees in a book to be kept for the purpose.

Revocation. 13.-(1.) Any such nomination may be revoked by the depositor by writing under his hand signed in the presence of a witness.

Scope of nomination.

(2.) Any such revocation shall be sent by post, or otherwise, to the trustees during the lifetime of the depositor, and shall be registered by the trustees in a book to be kept for that purpose in like manner as in the case of a nomination.

(3.) The receipt of every such revocation shall be acknowledged by the Savings Bank.

14. (1.) A nomination may relate to the whole of the deposits standing in the name of a depositor, or to part only of such deposits.

(2.) Except where otherwise stated, a nomination shall (subject to the provisions of these Regulations) be deemed to extend to all sums to which a depositor is entitled at the time of his decease in respect of Government Stock or a Savings Bank Annuity, but a depositor may in a nomination expressly